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Poundland has distanced itself from its embattled South African parent company Steinhoff by striking a separate £180m loan facility deal to reassure suppliers.

Pepkor Europe, the group that owns Poundland and its Dealz brand in Germany as well as discount fashion chain Pep& Co, said that it was "now not dependent on working capital support from parent company Steinhoff International".

The loan facility, provided by US investment firm Davidson Kempner, will replace the investment Pepkor Europe thought it would be receiving from Steinhoff to press ahead with its expansion plan.